Phase 3 and Bank Guarantees

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01 Jun 2009 12:00 AM by CFK Star rating. 22 forum posts Send private message

Hi,

I have been informed by Pablo that the Phase 3 building licences have been received and that building will commence shortly.

Also I have been informed that Bank Guarantees do not need renewing as Spanish law has recently changed to say they are valid until completion and therfore the date of expiry is no longer valid. Is that what everyone else understands?

 

Regards,

 

Colin

 




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02 Jun 2009 9:02 AM by SteveandJane Star rating in Somerset and Corvera.... 481 forum posts Send private message

SteveandJane´s avatar

Great news about the licences for P3.

As far as bank guarantees this is a post by Maria De Castro (Lawter) on La Tercia Real (developer gone bust) site.

Quote

Bank Guarantees do not expire. If you have a valid bank Guarantee, you can perform an execution before the Bank or through judicial action.

Best regards,

Maria


 


_______________________
El blog de Maria

 

 

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

 



_______________________

 Steve (Lifestyler)



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02 Jun 2009 10:42 AM by CFK Star rating. 22 forum posts Send private message

Steve and Jane,

 

Thanks for the update on bank quarantees. With regard to Phase 3 what Pablo said was granted, hopefully that translate into received.

 

Colin




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04 Jun 2009 12:57 AM by aaron Star rating. 4 forum posts Send private message

I spoke with Rosa there are no licenses for phase 3 yet. No need to update guarantees as there is a new law passed that allows these licenses to be valid until completion




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21 Jun 2009 2:58 PM by aaron Star rating. 4 forum posts Send private message

I have spoken with a Spanish lawyer who says there has been no change in the law. He is dealing with this for me as he has office in Ireland and comes highly recommended. He feels that not renewing bank guarantees is a breach of contract on Calidonias part. I am hoping to get a group action in Ireland. It is very confusing the different legal opinions as Mario Castro feels that we dont need to update. Time will tell.




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21 Jun 2009 7:23 PM by kev2 Star rating in Swansea. 201 forum posts Send private message

Hi Aaron

I found some information on Bank Guarantees that might be of interest on http://www.marbella-lawyers.com/articles/showArticle/spanish-bank-guarantees

Apparently according to the article, by law, the Bank Guarantee is valid until the Licence of first Occupation, although there is some contention if they have an expiry date - see point 2 under guarantee pitfalls.

I believe from what I have heard, the consensus is, that the expiry date will not run out until the LFO is granted, and in practice  a spanish judge would see it that way.

The law on the matter appears to have been passed in 1968, so I'm not sure why there are still expiry dates? ( unless there has been some update).  As you mentioned Maria de Castro has also said that the Bank Guarantees do not expire, to see a fuller explanation from her see http://www.eyeonspain.com/spain-magazine/bank-guarantee-legal.aspx

Also for interest,  here is a reply I had from Esther from Calidona on the matter (as I have 2 guarantees that have 'expired') : -

Dear Kevin
 
 
As you have been informed by Celia, your contact person, the site works of the phase where your property is located (XXXXXXXXXXX) are finished.
 
Please note that, following the Spanish regulations the bank guarantee is valid until handing over of your property even though there is an expiry date on the document. This means that your bank guarantee is completely valid; despite the expiry date mentioned on the document and doesn’t need renewal at this stage.
 
Please remember that you can contact Celia Garcia directly for any further questions regarding your property on cgarcia@corveragolf.com. She will be able to answer you quicker then me.
 
I hope I have clarified your doubts.
 
Kindest regards,
 
Esther Van De Velde

I hope this helps

kev


 



This message was last edited by kev2 on 21/06/2009.



This message was last edited by kev2 on 21/06/2009.


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23 Jun 2009 3:13 PM by inspectahomespain Star rating in Orihuela Costa, Spai.... 2417 forum posts Send private message

Vip Supporter

The information that you have from the developer is correct and there have recently been a number of test cases that have proven this

The BG is actually vaild until you complete on the property



_______________________
Roy Howitt Independent Property Consultant www.sonrisaproperties.com www.snaggingspain.com WE CAN FIND YOUR DREAM HOME 627 955 748


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